Platform Specialty sell Arysta, renames as Element Solutions

Platform Specialty to sell Arysta, renames as Element Solutions

6:50 AM, 23rd July 2018
Platform Specialty logo

WEST PALM BEACH, US: Platform Specialty Products Corporation (PAH) has signed a definitive agreement to sell its agricultural solutions business, to UPL Corporation Ltd for $4.2 billion cash.

The agricultural solutions consist of Arysta LifeScience Inc and its subsidiaries (collectively Arysta).

The transaction is expected to close in late 2018 or early 2019. Platform also announced a planned name change and pro forma financial guidance.

Platform plans to change its name to Element Solutions Inc (Element Solutions) effective at closing of the Arysta transaction. Element Solutions expects to be traded on the New York Stock Exchange under the ticker symbol NYSE: ESI.

This newly named company will comprise the existing performance solutions segment of Platform, a portfolio of market-leading specialty chemicals businesses focused on attractive segments in the electronics, industrials and energy end-markets.

Element Solutions intends to continue to focus on organic growth from its core portfolio as well as measured opportunistic acquisitions to build its capabilities, technologies and product offerings in its existing and adjacent end-markets.

In the context of the Arysta transaction and the formation of Element Solutions, Platform intends to merge its corporate functions with those of its Performance Solutions segment.

Effective on August 15th 2018, Nichelle Maynard-Elliott will join the Platform board of directors. She currently serves as the executive director of mergers & acquisitions at Praxair Inc.

“This transaction marks an inflection point for Platform. At closing, we will have achieved our separation and the objectives associated with it – setting up Arysta for long-term success and improving the balance sheet of Platform to position the company well for future growth. We will have a terrific portfolio of businesses at Element Solutions, an outstanding team and numerous opportunities in front of us,” said Rakesh Sachdev, chief executive officer, Platform.

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